Tesla Energy rEVolution And The Golden Age For Copper: Kirill Klip GEM Royalty TNR Gold Copper Presentation

1. Back Into The Future
Copper & Tesla Energy rEVolution:
Red Metal Goes Green.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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2. Energy rEVolution
The World Just Before the INTERNET
The future is already here, not everybody can see it yet.
Technology to stop burning oil is here and it is beautiful.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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3. Back into the Future
The future is already here, not everybody can see it yet, but
megatrends are manifesting themselves. rEVolution.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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4. Legal Disclaimer
All information about McEwen Mining presented using
publicly available data.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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5. Legal Disclaimer for the US
Please read legal disclaimers. There is no investment advice in this
presentation. Always consult your qualified financial adviser.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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6. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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7. Copper Majors Look at Los Azules
Rob McEwen: “Attention from Vale SA, Anglo American
and Barrick Gold”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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8. Rio Tinto Comes to Los Azules
Bloomberg: “McEwen Lands Rio Tinto Venture for
Argentina-Focused Unit”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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9. TNR Gold Holds NSR
Royalty on
Los Azules, Argentina
McEwen Mining
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Kirill Klip GEM Royalty TNR Gold
Copper January 2023

10. Copper Powered by rEVolution
The future is already here, not everybody can see it yet, but
megatrends are manifesting themselves. rEVolution.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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11. TNR Gold Corp.
Northstar: TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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12. Copper Powered by rEVolution
The future is already here, not everybody can see it yet, but
megatrends are manifesting themselves. rEVolution.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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13. Copper Red Hot
Bloomberg: “Copper Red Hot”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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14. Copper Powered by rEVolution
The future is already here, not everybody can see it yet, but
megatrends are manifesting themselves. rEVolution.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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15. Copper Powered by rEVolution
The future is already here, not everybody can see it yet, but
megatrends are manifesting themselves. rEVolution.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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16. Copper Powered by rEVolution
The future is already here, not everybody can see it yet, but
megatrends are manifesting themselves. rEVolution.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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17. Copper Powered by rEVolution
The future is already here, not everybody can see it yet, but
megatrends are manifesting themselves. rEVolution.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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18. Copper Powered by rEVolution
The future is already here, not everybody can see it yet, but
megatrends are manifesting themselves. rEVolution.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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19. Copper Powered by rEVolution
The future is already here, not everybody can see it yet, but
megatrends are manifesting themselves. rEVolution.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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20. Clean Air
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Copper January 2023
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21. DIEselGate
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22. EVs: The End of the ICE Age
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23. Electric Cars: Safety & Personal Freedom
Electric Cars provide health safety, personal freedom
and reduce carbon footprint.
Kirill Klip GEM Royalty TNR Gold
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24. Electric Cars Are Cleaner Than ICE
By 2019, lifecycle EV emissions were around 3 times
lower than ICE conventional car.
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25. Electric Cars Are Cleaner Than ICE
Lifecycle greenhouse gas emissions: ICE conventional
vs. Tesla (US battery).
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26. Electric Cars Are Cleaner Than ICE
Life Cycle Global Warming Emissions: EVs vs. Gasoline
Cars and Trucks.
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27. Electric Cars Are Cleaner Than ICE
CleanTechnica: Tesla Model 3 lifetime emissions are
65% less than Mercedes C class.
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28. Energy rEVolution
The World Just Before the INTERNET
“Maximum Plaid” of Tesla Roadster: Elon Musk has
demonstrated the potential of Electric Cars.
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29. The End of the ICE Age &
Oil Domination
For centuries we have been burning things just to get some energy.
It has been mostly Oil for the last 100 years.
Not Anymore.
We do not have to burn things.
Electricity is the most efficient form of Energy known to humans.
And now we can Store It and USE IT When We Want.
Cheap Lithium Batteries Change Everything.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
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30. Tesla Model S
Before we had the best Electric Cars & affordable EVs.
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31. Tesla Model 3
Before we had the best Electric Cars & affordable EVs. Now
we have the first best & more affordable Electric Cars.
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32. The End of the ICE Age
Tesla Model S was an earthquake, followed by tsunami
of Model 3. Model Y will end The ICE Age.
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33. The End of the ICE Age
Tesla Model S was an earthquake, followed by tsunami
of Model 3. Model Y will end The ICE Age. On the roads.
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34. Tesla 2022
Tesla delivers 3 million electric cars.
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35. Tesla 2022
Statista: Tesla Vehicles Deliveries 2012 - 2022.
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36. Tesla 2022
Statista: Tesla Vehicles Deliveries 2012 - 2022.
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37. Tesla 2021
Tesla vs. Legacy Automakers.
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38. Tesla Shattered Legacy Autos
Tesla shattered legacy automakers.
(Chart by Holger Zschaepitz)
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39. Tesla’s Vertical Landing
Tesla’s vertical landing.
(Chart by Holger Zschaepitz)
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40. Tesla Dumps Bitcoin
CNBC: “Tesla has dumped 75% of its bitcoin holdings”.
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41. Tesla and Competition
Tesla Team must concentrate on EVs production
execution to justify its valuation.
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42. Tesla’s Vertical Landing
Tesla in Ludicrous Crypto FSD Mode: FUD, Sweat and Tears.
(Chart by Holger Zschaepitz)
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43. Tesla and Competition
Volkswagen accelerates battery EV production.
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44. Tesla Semi
Tesla Semi is testing new limits for Electric Cars
technology.
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45. Electric Trucks
T&E: “Electric trucks can go the distance”.
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46. Cheaper Lithium Batteries Change
Everything
Advanced materials are the base of Energy rEVolution.
Kirill Klip GEM Royalty TNR Gold
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47. Cheaper Lithium Batteries Change
Everything
BNEF: “Estimated cost of VW’s future battery packs”.
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48. Total Cost of Ownership Is Lower
with EVs
CleanTechnica: “Large auto leasing company - Electric
Cars have mostly lower total cost In Europe”.
Kirill Klip GEM Royalty TNR Gold
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49. Total Cost of Ownership Is Lower
with EVs
BNEF: “Light electric vans and trucks are already
competitive in some markets”.
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50. Maintenance Is Lower With EVs
CleanTechnica: Electric Cars repair and maintenance
cost is 50% lower than ICE cars.
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51. Maintenance Is Lower With EVs
Energy.gov: Electric Cars maintenance cost is lower
than ICE cars.
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52. Electric Vans Cheaper
T&E: “Electric vans cheaper than DIEsel for all users”.
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53. EV & ICE Car Cost Parity
We are closing on EV & ICE car cost parity.
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54. EV & ICE Car Cost Parity
We are closing on EV & ICE car cost parity.
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55. EV & ICE Cost Parity
T&E: “EVs will be cheaper than fossil-fuel vehicles in
Europe by 2025-2027”.
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56. Tesla Battery Day
We are closing on EV & ICE car cost parity.
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57. EV & ICE Car Cost Parity
We are closing on EV & ICE car cost parity.
Kirill Klip GEM Royalty TNR Gold
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58. Tesla Ahead of the Curve
Catalyst: Elon Musk talks about Lithium cells cost &
battery packs below $100 per kWh.
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59. Lithium Battery Prices
BNEF: “Hit the Brakes”.
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60. The End of the ICE Age
Tesla $25,000 Electric Car.
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61. The End of the ICE Age
Tesla $25,000 Electric Car.
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62. Tesla Energy rEVolution
Tesla’s rEVolution contribution.
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63. Tesla Energy rEVolution
Electric Cars are coming much faster than a lot of
people are anticipating it.
Kirill Klip GEM Royalty TNR Gold
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64. Tesla Energy rEVolution
Electric Cars are coming much faster than a lot of
people are anticipating it.
Kirill Klip GEM Royalty TNR Gold
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65. Not Just Tesla Anymore
S&P: “Automakers’ investments in next-generation
vehicles to exceed $500B by 2030”.
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66. The Switch: Mass Market for EVs
Now all automakers are rushing to catch up with Tesla.
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67. The Switch: The End of the ICE Age
China’s ICE engines passenger vehicles sales
collapsed.
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68. The Switch Flipped
Electric Cars are forecast to account for all the growth
in passenger vehicles sales from 2023.
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69. Mercedes Kills ICE Engines
Daimler stops developing new generations of ICE
engines and will concentrate on electric powertrains.
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70. The Switch Flipped
Global sales of traditional fuel-powered cars and trucks
may have already peaked.
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71. The Switch Flipped
EV sales to grow on price parity, new models.
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72. The Switch Flipped
EV sales to grow on price parity, new models.
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73. Electric Surge
Bloomberg: “DIEsel is being eclipsed by Electric Cars in
Europe”.
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74. Peak ICE Is Behind Us
Bloomberg: “Peak ICE Is Behind Us”.
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75. Peak ICE Is Behind Us
Bloomberg: “Peak ICE Is Behind Us”.
Kirill Klip GEM Royalty TNR Gold
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76. Global Electric Vehicles Sales
Bloomberg: “Passenger EVs sales as a percentage of
total sales, quarterly”.
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77. Global Electric Vehicles Sales
Statista & Forbes: “EVs Market to Hit Ludicrous Mode ”.
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78. Global Electric Vehicles Sales
BNEF: “Global passenger EVs sales by drivetrain”.
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79. Global Electric Vehicles Sales
BNEF: “Global passenger EVs sales by region”.
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80. Global Electric Vehicles Sales
BNEF: “Global passenger EVs sales by region”.
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81. Global Electric Vehicles Sales
BNEF: “Global passenger EVs sales by region”.
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82. Global Electric Vehicles Sales
BNEF: “Global passenger EVs sales by region”.
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83. EVs Sales Soar in the UK
Bloomberg: “EVs Sales Soar in the UK”.
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84. Global Electric Vehicles Sales
BNEF: “Global passenger EVs sales by region”.
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85. Global Electric Vehicles Fleet
BNEF: “Global EV fleet set to top 25 million in 2022”.
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86. Global Electric Vehicles Fleet
BNEF: “Global EV fleet set to top 25 million in 2022”.
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87. Norway Electric Cars Sales
BNEF: “How Fast Is the Switch to Electric Cars?”
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88. My 20/200 Formula
The Switch: we are getting there - mass market for EVs
USD$20k buys you BMW 2 style EV with 200 miles range.
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89. Electric Vehicles Sales
Elements: “10 Years of Global EV Sales”.
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90. China Bets on Electric Cars
Projected percent composition of passenger vehicles in
China over the next two decades.
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91. China’s State Grid Is
Getting Ready For 100
Million Electric Cars By
2030
Can We Reach 200 Million EVs Globally
By That Time?
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92. China’s EV Growth
S&P Global: “China’s Explosive EV Growth to Stay on
Track”.
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93. China’s EV Share
BNEF: “China’s EV share of passenger car segments”.
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94. EVs in China
BNEF: “Chinese sales of NEV”.
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95. EVs in China
Bloomberg: “Soaring Export Sales”.
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96. Tesla Comes to China
Shanghai welcomes Elon Musk and Tesla Gigafactory 3.
Transfer of technology is unavoidable.
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97. Tesla Gigafactory 3, China
Tesla’s $2B China Gigafactory covers the size of 121
football pitches, aimed to make 3k EVs a week.
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98. Tesla Gigafactory 3, China
Tesla’s $2B China Gigafactory: “Machine is building
machines”, reached 8k EVs a week capacity in 2020.
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99. Tesla Gigafactory 3, China
Tesla’s China Gigafactory: “Machine is building
machines”, reached 21k EVs a week capacity in 2022.
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100. Tesla Gigafactory 4, Germany
Germany welcomes Tesla Gigafactory 4!
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101. Tesla Gigafactory 4, Germany
Tesla comes to the motherland of the iconic legacy
automakers and will keep them on their toes.
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102. Tesla Gigafactory 5, Texas!
Tesla selected Texas as location for its Cybertruck
Gigafactory 5.
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103. Tesla Gigafactory 5, Texas!
Tesla selected Texas as location for its Cybertruck
Gigafactory 5.
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104. Rivian
New players are coming in. Rivian is backed by
Amazon and Ford.
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105. Hummer
GM launches Electric Hummer.
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106. Ford F-150 Electric
Ford launches Electric F-150 Lightning.
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107. Tesla Energy rEVolution
We must stop burning oil. Solar and Wind.
Electricity.
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108. Green Energy: Clean Equals Cheap
All-in cost for clean energy plus storage is getting
cheaper.
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109. Green Energy: Clean Equals Cheap
All-in cost for clean energy plus storage is getting
cheaper.
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110. Renewable Energy
BNEF: “Another Record Year for Renewable Additions in
Europe”.
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111. Renewable Energy
Renewable energy share of annual capacity
expansion.
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112. EVs & Mining
Mining makes the cars of today and tomorrow possible.
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113. Battery Metals Boom
BNEF: “Rising EV demand supercharges demand
forecast for a group of metals”.
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114. Energy Storage
Wood Mackenzie: “Percentage of Distributed Solar
Systems Paired with Energy Storage”.
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115. Energy Storage Systems
Tesla: “Goal One – 100% electric transportation requires
100X growth”.
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116. Energy Storage Systems
Tesla: “100% renewable energy requires 1600X growth”.
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117. Tesla Giant Battery
Tesla deployed the largest Lithium battery plant in
Australia.
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118. Battery Metals Investments
The metal needed to support a 2-degree trajectory
would require over $1T investments.
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119. Energy Metals
Elements: “The Key Minerals in an EV Battery”.
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120. Energy & Metals
S&P Global: “Electrify Everything”.
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121. How To Cross Digital Divide And
Finance Tesla rEVolution?
Capital is coming to global renewable energy space,
but only the best mining companies can get it.
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122. $6 Trillion Investment In EVs
Fast roll out of infrastructure for EVs will require stable
supply of Copper.
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123. Mining & rEVolution
Bloomberg: “Cumulative capital for new investment in
the EV industry”.
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124. We Need Real Things To Build
Other Things
Markets are broken.
How to transfer Capital directly to enterprises?
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125. We Need Real Things To Build
Other Things
Incrementum: “Everything (except commodities)
Bubble”.
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126. Global Copper Production
Golden Age for Copper.
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127. Green rEVolution
Trafigura expects a surge in global Copper demand this
decade.
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128. Copper and Clean Energy
Visual Capitalist: “A new energy transition is beginning
and Copper is at the heart of it”.
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129. Why Copper?
Visual Capitalist: “Copper has the superior properties that
allow it to be used for many types of clean energy”.
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130. Copper in Wind Farms
Visual Capitalist: “Offshore wind farms require
significantly more copper per MW”.
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131. Wind Capacity Explosive Growth
BNEF: “Cumulative offshore wind capacity is set to grow
10-fold by 2035”.
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132. Wind Energy Cost
BNEF: “Cost Contest”.
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133. Large-Scale Wind Projects
Wind turbines are getting larger, larger blades optimize
power generation and increase ROI.
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134. Copper In Solar
Visual Capitalist: “There are approximately 5.5 T per MW
of Copper in solar power systems”.
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135. Solar PV Modules Cost
Global average price of solar PV modules.
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136. Copper In Energy Storage
Visual Capitalist: “Copper wiring and cabling connects
renewable power generation with energy storage devices”.
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137. Copper In Electric Vehicles
Visual Capitalist: “Electric vehicles rely heavily on
Copper for the motors and charging cabling”.
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138. Copper in Electric Vehicles
Reuters: “Electric vehicles rely heavily on copper for the
motors and wiring”.
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139. Copper Used in an Electric Car
Copper Alliance: “Copper Used in an Electric Car”.
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140. Copper and Electric Vehicles
ICA: “Impact on Copper demand as EV markets grow”.
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141. Copper and Energy Transition
Visual Capitalist: “With each energy transition comes a
new need for materials”.
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142. The Switch: Energy Transition
43% potential increase in Copper demand by 2035.
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143. Copper: Green and Healthy
Copper is durable and sustainable with a long service
life. It plays a crucial role in green future.
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144. Copper: Green and Healthy
Copper’s role in climate neutral renovation.
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145. Copper: Green and Healthy
More Copper should be used for doorknobs and other
surfaces to stop spread of viruses.
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146. Copper: Green and Healthy
More Copper should be used for surfaces to stop
spread of viruses.
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147. The Switch: rEVolution
ICA: “By 2030, > 250,000 tonnes of Copper will be used
annually in EV motors”.
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148. Copper Is Needed for EVs & All
Charging Infrastructure
Annual copper demand in EVs and ICE vehicles.
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149. Copper & EVs
Copper Alliance: “Copper Used in an Electric Car”.
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150. Copper Big Picture
Over the next 26 years the world is going to mine more
Copper than what has been mined in all history.
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151. Copper: The Green Metal
USGS: ”World Consumption of the Refined
Copper”.
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152. Copper: The Green Metal
Wood Mackenzie: ”Total Copper demand from
electric vehicles”.
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152

153. Copper: The Green Metal
Wood Mackenzie: ”Total Copper consumption in
2040”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
153

154. Copper: The Green Metal
Wood Mackenzie: ”Refined consumption that
needs to be covered by mine supply to 2050”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
154

155. Copper: The Green Metal
Wood Mackenzie: ”Quantity of Copper projects
sanctioned since 2007”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
155

156. Copper Demand
ICA: “Growing Demand for Copper”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
156

157. Copper Demand
ICA: “Drivers of Demand”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
157

158. Copper Demand
ICA: “Industrial Symbiosis”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
158

159. Copper Demand
ICA: “EV Battery Industrial Symbiosis”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
159

160. Copper Demand
Bloomberg: “Transportation Overtakes Construction”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
160

161. Copper Smelters Secure Bigger Fees
Bloomberg: “Copper Smelters Secure Bigger Fees”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
161

162. Copper Demand
Bloomberg: “Wiring the Future”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
162

163. Copper Appetite
Bloomberg: ”Industrial metal demand seen
growing across the globe”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
163

164. Copper Supply
Bloomberg: “Running on Empty”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
164

165. Copper Supply
Bloomberg: “Backwardated Copper”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
165

166. Exchange Copper Stocks
Andy Home: “Exchange Copper stocks remain
historically low”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
166

167. Exchange Copper Stocks
Andy Home: “China’s Copper import premium
surges”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
167

168. Money Managers Turn Bullish
Reuters: “Money managers turn bullish on CME
Copper”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
168

169. Copper Appetite
Bloomberg: “Industrial metal demand seen growing
across the globe”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
169

170. Teck: Copper Big Picture
Teck: “Copper Outlook”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
170

171. Teck: Copper Big Picture
Teck: “Copper Mine Outlook”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
171

172. Teck: Copper Big Picture
Teck: “Copper Mine Production Remains Challenged”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
172

173. Teck: Copper Big Picture
Teck: “Copper Mine Supply Expected to Peak in 2024”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
173

174. Teck: Copper Big Picture
Teck: “Annual TC/RCs Rise on Higher Smelter Costs”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
174

175. Teck: Copper Big Picture
Teck: “Copper Concentrate Market Outlook”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
175

176. Teck: Copper Big Picture
Teck: “Long Term Copper Metal Demand”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
176

177. Teck: Copper Big Picture
Teck: “Copper Short Term Outlook”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
177

178. Teck: Copper Big Picture
Teck: “Scrap is Part of the Long Term Solution”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
178

179. Teck: Copper Big Picture
Teck: “Significant Demand Growth Expected”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
179

180. Teck: Copper Big Picture
Teck: “Copper Metal Outlook”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
180

181. Teck: Copper Big Picture
Teck: “Structural Deficits Grow Past 2025”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
181

182. China’s Copper Share
Bloomberg: “China Is the Biggest Buyer of
Commodities”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
182

183. Copper Supply Gap
CRU: “Without Copper projects supply gap will exceed
15Mt by 2035”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
183

184. Copper Mining Projects
CRU: “Copper mining projects are increasingly
challenging to develop”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
184

185. Copper Demand
Wood Mackenzie: “Primary Copper Demand
scenarios”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
185

186. Copper Supply Gap
Woodmac: “Long-term supply gap”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
186

187. Copper Supply Gap
Teck: “Long-term supply gap”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
187

188. Copper Resources & Reserves
Copper Alliance: “Copper Resources & Reserves”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
188

189. Copper Reserves
S&P Global: “Latin America rich with copper reserves”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
189

190. Copper Supply
Wood Mackenzie: “Copper supply constrained by a
shortage of advanced projects”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
190

191. Copper Industry Meets 21st Century
Bernstein: “It was our great-grandfathers that built
today’s Copper industry”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
191

192. Have We Found Everything?
The future of Copper mining means grades
below 0.5% Cu Eq.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
192

193. Copper Discoveries
Exploration budgets are still down, and major Copper
discoveries are far and few between.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
193

194. Copper Discoveries
Exploration budgets are still down, and major Copper
discoveries are far and few between.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
194

195. Copper Discoveries
Exploration budgets are still down, and major Copper
discoveries are far and few between.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
195

196. Copper Discoveries
Exploration budgets are still down, and major Copper
discoveries are far and few between.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
196

197. Copper Head Grade
Industry head grade is going lower.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
197

198. TNR Gold Los Azules Copper Royalty
Rob McEwen: “Taca Taca serves as a good proxy for
the value of Los Azules”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
198

199. TNR Gold Los Azules Copper Royalty
Rob McEwen: “Taca Taca serves as a good proxy for
the value of Los Azules”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
199

200. GEM Royalty Co.
TNR Gold Corp. (TSXV: TNR)
The Green Energy Metals Royalty & Gold Company.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
200

201. GEM Royalty Co.
TNR Gold Corp. (TSXV: TNR)
The Green Energy Metals Royalty & Gold Company.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
201

202. GEM Royalty Co.
TNR Gold Corp. (TSXV: TNR)
The Green Energy Metals Royalty & Gold Company.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
202

203. GEM Royalty Co.
TNR Gold Corp. (TSXV: TNR)
The Green Energy Metals Royalty & Gold Company.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
203

204. GEM Royalty Co.
TNR Gold Corp. (TSXV: TNR)
The Green Energy Metals Royalty & Gold Company.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
204

205. TNR Gold Business Model
We do not have to contribute any capital to the
development of Los Azules Copper.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
205

206. TNR Gold Business Model
We do not have to contribute any capital to the
development of Los Azules Copper.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
206

207. TNR Gold Corp. Global Assets
TNR Gold Corp. Current Holdings.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
207

208. GEM Royalty Co.
TNR Gold Corp. (TSXV: TNR)
Becoming The Green Energy Metals Royalty & Gold
Company.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
208

209. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
209

210. Los Azules Copper
Rob McEwen: “Los Azules has resources of 60M Au oz
equivalent”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
210

211. Los Azules Copper
McEwen Mining: “Los Azules – Large Copper Deposit”
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
211

212. Assets – Los Azules Copper,
San Juan, Argentina
Andean Cordillera – Home to Major Copper Mines.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
212

213. Los Azules Copper Resource
Los Azules ranks as one of the top 2 or 3 world class
deposits that are “for sale”.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
213

214. Los Azules Copper Resource
Los Azules Copper resource contains 10.2B lb. indicated
and 19.3B lb. inferred resources.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
214

215. Los Azules PEA
Los Azules can become 26th largest Copper mine
in the world.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
215

216. Los Azules PEA
Los Azules projected cost of Copper production.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
216

217. Los Azules Copper
Preliminary Economic Assessment
McEwen Mining Preliminary Economic Assessment’s
Highlights.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
217

218. Los Azules Copper
Undiscounted NSR $35.2B
McEwen Mining PEA: Commodity Price Assumptions.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
218

219. Los Azules Copper
Potential Value of TNR Gold’s NSR Royalty
TNR Gold holds a 0.36% NSR Royalty on the entire
Los Azules Copper project with McEwen Mining.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
219

220. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
220

221. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
221

222. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
222

223. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
223

224. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
224

225. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
225

226. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
226

227. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
227

228. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
228

229. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
229

230. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
230

231. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
231

232. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
232

233. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
233

234. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
234

235. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
235

236. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
236

237. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
237

238. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
238

239. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
239

240. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
240

241. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
241

242. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
242

243. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
243

244. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
244

245. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
245

246. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
246

247. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
247

248. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
248

249. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
249

250. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
250

251. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
251

252. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
252

253. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
253

254. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
254

255. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
255

256. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
256

257. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
257

258. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
258

259. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
259

260. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
260

261. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
261

262. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
262

263. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
263

264. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
264

265. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
265

266. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
266

267. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
267

268. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
268

269. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
269

270. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
270

271. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
271

272. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
272

273. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
273

274. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
274

275. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
275

276. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
276

277. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
277

278. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
278

279. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
279

280. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
280

281. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
281

282. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
282

283. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
283

284. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
284

285. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
285

286. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
286

287. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
287

288. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
288

289. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
289

290. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
290

291. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
291

292. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
292

293. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
293

294. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
294

295. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
295

296. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
296

297. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
297

298. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
298

299. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
299

300. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
300

301. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
301

302. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
302

303. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
303

304. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
304

305. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
305

306. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
306

307. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
307

308. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
308

309. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
309

310. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
310

311. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
311

312. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
312

313. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
313

314. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
314

315. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
315

316. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
316

317. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
317

318. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
318

319. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
319

320. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
320

321. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
321

322. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
322

323. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
323

324. The Green Energy Metals Royalty Co.
TNR Gold Corp.
Kirill Klip GEM Royalty TNR Gold
Copper January 2023
324

325. The Green Energy Metals Royalty Co.
TNR Gold Corp.
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326. The Green Energy Metals Royalty Co.
TNR Gold Corp.
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327. GEM Royalty Co.
TNR Gold Corp.
• Becoming The Green Energy Metals Royalty Co.
• Assets with major companies as Operators.
• Green Energy Metals: Lithium, Copper and Silver.
• TNR holds NSR Royalty on Mariana Lithium.
• TNR holds NSR Royalty on Los Azules Copper.
• TNR holds Net Profits Royalty on Batidero, Josemaria.
• TNR holds 90% stake in Shotgun Gold, Alaska.
• TNR Gold presentations on www.tnrgoldcorp.com
• All information is available on www.sedar.com
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328. Thank you!
Energy rEVolution.
The World Just Before The INTERNET.
Contact k.klip@btinternet.com
Visit www.kirillklip.blogspot.com
Follow on Twitter @kirillklip
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